L #7 - 6 marks - 10 minutes Smith Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for the month of January, 2013. Work in process, beginning: Units in process 2,000 Stage of completion with respect to materials 90% Stage of completion with respect to conversion 20% Costs in the beginning inventory: Materials cost $11,000 Labour cost $19,000 Overhead cost $16,000 Materials cost Labour cost Overhead cost $11,000 $19,000 $16,000 23,000 20,000 Units started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Labour cost Overhead cost $ 85,000 $160,000 $120,000 Work in process, ending: Units in process Stage of completion with respect to materials Stage of completion with respect to conversion ??? 80% 50% I Ar A Sara AJ Producten tepon D H 1 3 Production Report Physical Direct Conversion Total 5 6 Units to Account For: 7 From Beginning Work In Process S Units started during the year Total Units to Account For 10 1 Units Accounted For: 2 Completed and transferred out Ending Work In Process Total Units Accounted for Total Equivalent Units G Completed and transferred out 13 Ending Work In Process 14 Total Units Accounted for 15 Total Equivalent Units 16 17 Costs to Account For: 18 Beginning Work-in-Process 19 Costs incurred during year 20 Total Costs to Account For: 21 Cost per equivalent unit 22 Cost of Units Completed & transferred 23 out 24 25 Ending Work In Process